General insurance business underwritten in the UK relating to risks situated outside the UK. Marine, aviation and transport business and treaty reinsurance is normally excluded from this definition. See also services business and non-admitted insurer.

Equity release schemes such as lifetime mortgages whereby an elderly person mortgages his or her house to an insurance company or other institution to fund an annuity (joint life and survivor annuity for couples). Mortgage interest is met from the annuity instalments (or deferred until death) leaving an income for the homeowner(s). The loan, up to 80% of the value, and any rolled-up interest is repaid on death but the estate benefits from any capital appreciation. Compare with home reversion plan.

Entitlement to the basic state pension for persons unable to accept regular employment because they are caring for children or a sick or disabled person at home.

Like home income plans, but the house is sold outright to the insurance company in return for an immediate annuity and a life tenancy. The sale price is below market value and the insurance company or institution purchasing the property benefits from any increases in property value. After death nothing remains for any dependants.

The structuring of an insurance portfolio to make the exposure within it more similar, e.g. through the use of surplus treaty reinsurance.

Low cost alternative to private medical insurance providing fixed cash benefits for various circumstances. For example, hospital day care is selectable in the range £12 to £48 per day up to 10 days in a year; hospital in-patient treatment ranges from £18 to £72 per day up to 91 days per year or longer in some cases. Other sections provide benefits for dental treatment, optical requirements, parental stay, acupuncture, stress counselling, etc. Exclusions: pre-existing medical conditions; war; intentional self-injury; alcohol or drug abuse; pregnancy or childbirth; mental diseases, disorders or breakdown; nuclear radiation; cosmetic surgery; treatment for infertility or pregnancy termination; AIDS; confinement for domestic reasons.

Payment of hospital treatment fees, for in-patient or outpatient treatment up to specified amounts, by an insurer who has made a third party payment to a road accident victim. The insurer’s obligation arises from the Road Traffic Act 1988, s.157, and is regardless of any admission of liability. Vehicle owners who have made deposits against third party risks or obtained securities against third party risks also have to make these payments.

Does not imply war but means acts or hostility or operations of hostility. They must be carried out by persons acting as agents of an enemy government or of an organised rebellion and not by individuals acting on their own initiative.